Canadian company PMET Resources (ASX:PMT, TSX:PMET, OTCQX:PMETF) has completed a lithium-only feasibility study on the CV5 deposit of its Shaakichiuwaanaan lithium project in Northern Quebec.
The company said that the feasibility study confirms that the project is a large-scale and lifelong operation, with CV5’s maiden reserve updated to 84.3 million tonnes (Mt) at 1.26 percent lithium oxide or about 2.62 Mt lithium carbonate equivalent (LCE) in probable reserves.
Results also show that there is still potential to upgrade and expand resources at CV5 and its nearby CV13 deposit, which currently hold a total resource of 108.0 million tonnes at 1.40 percent indicated and 33.4 at 1.33 percent inferred.
“Our large scale and long-life project is ideally suited to support the emerging American, European, and Asian lithium raw materials supply chains,” commented CEO and President Ken Brinsden.
“There are very few projects of this size & scale, quality, and low production cost that can assist in underwriting the expected capital investment supporting new supply chains and demand growth in western markets.”
Located in Quebec’s Eeyou Istchee James Bay region, Shaakichiuwaanaan is recognised as the largest lithium pegmatite mineral resource in the Americas.
It is also among the largest lithium mines in the world, with potential to become the second largest following the Greenbushes lithium operations in Western Australia.
Greenbushes is owned by Albemarle (NYSE:ALB) and was recorded with an estimated 0.21 metric tonnes per annum lithium production in 2023.
PMET is targeting a final investment decision for Shaakichiuwaanaan for the second half of 2027, hoping that “the overall market supply-demand balance tightens over the coming years.”
Researchers found that the project can have an annual production of up to 800,000 tonnes of lithium-rich rock, along with pollucite, tantalite, and cesium.
Brinsden said that about 20 percent of the jobs created at Shaakichiuwaanaan will be allotted to workers at the Cree territory.
PMET Resources was formerly Patriot Battery Metals. The company officially changed its name in September.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.